It's going towards revamping its buildings and facilities.
Part of the money will be used to build a balcony in the main auditorium to increase its capacity and there'll also be improvements to its bar area.
Part of the Phoenix will also be converted into a new digital cinema and screening space.
Body found in Bideford fire investigation
Three teenagers currently on bail
Royal Clarence Hotel redevelopment to start
Work to start on historic city centre building
Road closures for Tar Barrels event
Organisers list road closures and residents-only access.
More redundancies at Devon shipbuilder
Redundancies could include managerial roles.
Devon's fire service change alarm response
Changes could save hundreds of thousands of pounds.
Exeter woman averts disaster at Greek airport
Exeter woman hailed 'a hero'.
